Gulzar will be presented with the award at the opening ceremony in the capital on October 24. The award honours Gulzar's multi-faceted creativity and contribution to entertainment "that goes beyond cultural, linguistic and other boundaries," a statement from the Osian's said.
Gulzar, who shot to fame with 'Mora gora rang layi le' in Bimal Roy's 'Bandini', is known for penning memorable hits like 'Musafir hoon yaron' (Parichay), 'Tera bina zindagi se koi' (Aandhi), 'Mera kuch saaman' (Ijaazat) and 'Tujhse naraz nahi zindagi' (Masoom).
His most recent hits include 'Kazrare' from Amitabh Bachchan starrer 'Bunty Aur Babli', 'Beedi' from 'Omkara' and 'Jai Ho' from 'Slumdog Millionaire', which won this year's Oscar.
Gulzar has also directed critically acclaimed films like 'Aandhi', 'Parichay', 'Mausam' and 'Maachis'.
Apart from his cinematic achievements, Gulzar, a renowned poet, is also a winner of the Sahitya Akademi Award in 2002. Veteran filmmaker Mrinal Sen was the winner of the prestigious award last year.